The Dicker Data Ltd (ASX: DDR) share price has just hit a new high. Shares hit the milestone of $14.10 during early intraday trading. Since then, however, shares in the software as a service (SaaS) company are down 2.84% to $13.66.
While the company has not made any market announcements since 30 July, its share price has been on the up in subsequent days.
Let's take a closer look.
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The data is in
The Dicker Data share price rocketed 16% on Monday when it announced the acquisition of IT distribution company Exceed Group for $68 million, cash.
Exceed generates an annual turnover of approximately $295 million, of which $228 million is generated in New Zealand. At the time of the announcement, Dicker Data said the deal will "propel Dicker Data NZ to become the second-largest IT distributor in New Zealand". Dicker Data expects to generate about $476 million.
Since close of trade on Monday, Dicker Data shares have continued to appreciate. At the time of writing, their price is up an additional 3.9%. When they hit their all-time high, they were 4.8% higher.
Investors may still be trying to get in on the company, post the announcement.
Another potential reason for the rising Dicker Data share price? The general market is up.
The S&P/ASX 200 Index (ASX: XJO) has increased 1.69%. The S&P/ASX All Technology Index (ASX: XTX) is an astonishing 7.59% higher over the same time period.
Dicker Data share price snapshot
Over the past 12 months, the Dicker Data share price has increased 78%. Year-to-date, shares are 31% higher. Since listing on the ASX, Dicker Data shares have increased an astronomical 5,600%.
Given its current valuation, Dicker Data has a market capitalisation of around $2.4 billion.
